The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.

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The Office of the Comptroller of the Currency (OCC) has conditionally approved Ripple, BitGo, Digital Assets, Paxo, etc.
The article, titled "US OCC Gives Green Light! Five Crypto Giants Including Ripple, BitGo, and Circle Receive 'Conditional Approval' for Trust Bank Licenses," was originally published on BlockTempo, the most influential blockchain ABMedia media.

The US OCC has given the green light! Five crypto giants, including Ripple, BitGo, and Circle, have received conditional approval for trust banking licenses.